Peter Schiff – Fed Already Insolvent & Will Only Get Worse, Americans Are Going to be Impoverished

Money manager Peter Schiff predicts, ““Americans are going to be impoverished on a national scale.”

So, what is Schiff telling his clients to protect their wealth? Schiff says, “You’ve got to get money out of the U.S. dollar, out of U.S. bonds, out of U.S. stocks . . . which is what I am doing for my clients. I am creating portfolios of dividend paying stocks in countries that have much sounder economies where there are much sounder currencies, where the people are saving and they have balanced budgets. . . . I am telling people to take advantage of how inexpensive gold and silver are and some of the mining stocks. . . .I not only think I am going to help people preserve their wealth, I think I am going to help people enhance their wealth. . . . I think gold and silver are incredibly mispriced because it really reflects the excess confidence that people have in central banks and fiat currency. They should have no confidence, but they do. . . . I don’t tell people to put their entire net worth into gold, I tell them 5% to 10%. Most people have no money in gold. Those people are going to be very unfortunate. . . . Just like a family cannot live on debt forever, and you just can’t keep on borrowing money indefinitely, you are going to have a day of reckoning. The same thing applies to a nation. We cannot do collectively what we each can’t do individually. Our day of reckoning is coming, and it’s coming soon. It’s a done deal, it’s going to happen. All you can do is save yourself and family.”